NV5 Awarded $7 Million in Infrastructure Design Contracts by the City of Philadelphia

Rhea-AI Summary

NV5 (Nasdaq: NVEE), a provider of technology, certification, and consulting solutions, announced it has been awarded over $7 million in infrastructure design contracts by the City of Philadelphia. The projects are expected to be completed by 2028 and aim to enhance the city's commitment to creating more resilient and sustainable communities. NV5's planners, engineers, and landscape architects will support Philadelphia’s green infrastructure, sustainability, and safety initiatives, contributing to the planning and design of critical infrastructure. This includes green infrastructure, parks, greenways, and traffic safety improvements to reduce roadway deaths and serious injuries within the city's high-injury network. Alex Hockman, CEO of Infrastructure at NV5, highlighted that these projects underscore NV5's market leadership in green infrastructure and its ability to deliver sustainable design solutions that meet evolving urban challenges.

Positive

• Awarded $7 million in infrastructure design contracts.
• Projects expected to enhance safety, sustainability, and quality of life.
• Completion by 2028, showing long-term engagement and revenue stream.

Negative

• None.

News Market Reaction

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On the day this news was published, NVEE declined 1.86%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOLLYWOOD, Fla., Dec. 19, 2024 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), NV5, a provider of technology, certification, and consulting solutions, announced today that it has been awarded over $7 million in infrastructure design contracts by the City of Philadelphia, with projects expected to be completed by 2028. These projects will enhance the city’s commitment to creating more resilient and sustainable communities while improving safety and quality of life for its residents.

NV5’s planners, engineers, and landscape architects will support Philadelphia’s green infrastructure, sustainability, and safety initiatives, driving its vision for resilient and sustainable neighborhoods. NV5’s expertise will play a vital role in the planning and design of critical infrastructure, including green infrastructure, parks, and greenways, as well as traffic safety improvements to reduce roadway deaths and serious injuries within the city’s high-injury network.

"NV5 continues to build on its long-standing relationship with the City of Philadelphia, providing cutting-edge infrastructure solutions that align with the city’s resilience and safety goals,” said Alex Hockman, CEO of Infrastructure at NV5. “These projects underscore NV5’s market leadership in green infrastructure and our proven ability to promote long-term growth by delivering high-value, sustainable design solutions that meet evolving urban challenges."

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, certification, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: Utility services, infrastructure engineering, construction quality assurance, buildings & technology, environmental health sciences, and geospatial services. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.

FAQ

What is the value of the infrastructure design contracts awarded to NV5 by the City of Philadelphia?

The value of the infrastructure design contracts awarded to NV5 by the City of Philadelphia is over $7 million.

When are the NV5 infrastructure projects in Philadelphia expected to be completed?

The NV5 infrastructure projects in Philadelphia are expected to be completed by 2028.

What initiatives will NV5 support with its infrastructure design contracts in Philadelphia?

NV5 will support green infrastructure, sustainability, and safety initiatives in Philadelphia.

How will NV5's infrastructure projects impact traffic safety in Philadelphia?

NV5's infrastructure projects aim to reduce roadway deaths and serious injuries within Philadelphia's high-injury network.

What role will NV5's planners, engineers, and landscape architects play in the Philadelphia projects?

NV5's planners, engineers, and landscape architects will contribute to the planning and design of critical infrastructure, including green infrastructure, parks, and greenways.